Based on the following for the first six months: Direct Labor Hours Manufacturing Overhead July 45,000 $295,000 August 60,000 $320,000 September 57,000 $323,000 October 52,000 $247,250 November 34,000 $178,200 December | 25,000 $162,500 Required: 1. Use the high-low method to estimate the cost formula 2. Estimate the total overhead cost at an activity level of 48,000 machine hours, using the separate estimates you obtained for its components